The Board of Empiric Student Property plc announced that the Group has agreed a new £40 million extension facility to its existing £80 million fixed rate term loan facility by Barings Real Estate Advisers. The Amended and Restated Facility is now secured against a portfolio of 25 operating assets, held as a lending group through a wholly owned subsidiary, Empiric Investments (Four) Limited. The new £40 million facility is expected to be drawn down in full on 16 December 2016. The Amended and Restated Facility is repayable in April 2028. The new £40 million extension facility has a fixed all in rate of 3.64% interest only, throughout the term. This rate is fixed up to a loan to value ratio of 55%. This provides a fixed all in blended rate of 3.37% for the Amended and Restated Facility. The amounts drawn down under the Amended and Restated Facility will be segregated and non-recourse to the company. The new £40 million facility will be used to fund further investments in both operating assets and forward funded projects.